Key Facts
• July 24: Ryosei Akazawa returned to Japan after US tariff negotiations.
• Agreement: Mutual tariffs and tariffs on Japanese cars reduced to 15%.
• Akazawa stated the agreement received positive recognition from Japan’s economic sector.
• Concerns remain about businesses affected by tariffs; support for small businesses promised.
• US Treasury Secretary Besent to review Japan’s compliance quarterly.
• Akazawa denied discussions on ensuring the agreement’s implementation.
Summary
Japanese Economic Revitalization Minister Ryosei Akazawa announced on July 24 that the Japan-US agreement to reduce mutual tariffs and tariffs on Japanese cars to 15% has been positively received by Japan’s economic sector. Speaking at Haneda Airport after returning from the US, Akazawa acknowledged potential challenges for businesses impacted by tariffs and pledged support for small enterprises. Meanwhile, US Treasury Secretary Besent plans to review Japan’s compliance with the agreement quarterly. Akazawa clarified that discussions on ensuring the agreement’s implementation were not held.
